BML profit at MVR 183 mln in second quarter

BML head office in capital Male

BML head office in capital Male

The Maldives’ main bank made a profit of MVR 183.4 million in the second quarter of this year.

According to Bank of Maldives Ltd (BML)’s statistics for the past quarter, the bank earned a revenue of MVR 561.4 million, including MVR 358.9 million as interest and other income and MVR 174.3 million as fees and other commissions.

BML’s statistics show that the bank earned MVR 483.7 million as operating profit while operating costs were at MVR 114.5 million. The bank also cut MVR 123.1 million in loans expected to be unrepaid.

Meanwhile, the bank’s dividend is at MVR 136 per share.

In a press release, BML stated that its financial results are better than projected for both the second quarter and first half of this year. The profit in the second quarter is 17 percent higher than BML’s record for the first half of 2016.

BML proclaimed that the bank made good progress in all business sectors, noting the high operating costs and ongoing investments. The bank added that the loans granted as well as BML’s capital and liquidity ratio were maintained at sufficient levels in the last quarter.

The bank’s CEO Andrew Healy expressed satisfaction with the results. Noting the events and activities that are being carried out by BML under its community campaign “Aharenge Bank”, Healy vowed that BML will keep up efforts to maintain its success.

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